3 Stocks jumps upto 7% after promoters increases their stake in the Co.

The shares of Microcap companies like Geekay Wires Ltd, and two other companies are in focus in today’s trading session as the promoters increased their stake in the company. 

Promoters often increase their stake in a company to signal confidence in its long-term growth, which can boost investor sentiment and drive up the stock price. Conversely, when promoters sell a significant portion of their shares, it may lead to a decline in the stock price.

List of Stocks that gained today after an increase in Promoter’s stake:

1. Geekay Wires Ltd 

The shares of Geekay Wires Ltd, with a total market capitalization of Rs 416.09 Crore on Wednesday, reached an Intraday high at Rs 81.61 per share, gaining around 6.9 percent in today’s trade. As of 10:00 am, the shares were trading at Rs 79.5 per share which was 4.1 percent higher than the previous closing of Rs 76.36. 

On March 17, the Promoter of Geekay Wires Ltd, Mr Ghanshyam Dass, acquired 9,598 equity shares for Rs 7,38,726. As a result, his stake in the company increased to 7.274 percent from 7.255 percent. 

The company specializes in manufacturing galvanized steel wires, collated nails, bulk nails, stainless steel fasteners, and various other specialty products. Its offerings serve a range of sectors, including industrial, power transmission, cables and conductors, commercial construction, automotive, marine, mining, wind and solar energy, and agriculture. 

Also read: Purple United Sales in focus after FII sells 52,000 shares via bulk deal

2. Veefin Solutions Ltd 

The shares of Veefin Solutions Ltd, with a total market capitalization of Rs 771.22 Crore on Wednesday, hit a 5 percent upper circuit and reached an Intraday high at Rs 321.70 per share in today’s trade.

On March 18, the Promoters of Veefin Solutions Ltd, Mr. Raja Debnath, and Mr. Gautam Udani, acquired 7,200 equity shares for Rs 22,15,660. As a result, their stake in the company increased to 37 percent from 36.97 percent.

Veefin Solutions Ltd offers digital lending and supply chain finance (SCF) technology to help businesses manage cash flow and improve working capital. Its comprehensive digital lending suite serves financial institutions globally, including banks, non-banking financial companies, fintech firms, and marketplaces.

3. Yash Optics & Lens Ltd

The shares of Yash Optics & Lens Ltd, with a total market capitalization of Rs 186.11 Crore on Wednesday, reached an Intraday high at Rs 78 per share, gaining around 3.9 percent in today’s trade.

On March 18, the Promoters of Yash Optics & Lens Ltd, Mr. Dharmendra Manharlal Doshi, and Mr. Tarun Manharlal Doshi, acquired a total of 19,200 equity shares of the Company. The promoter and Whole-time Director, Mr. Dharmendra Manharlal Doshi bought 11,200 shares, increasing his stake in the company from 21.7 percent to 21.75 percent. The  Promoter and Managing Director, Mr. Tarun Manharlal Doshi, acquired 8,000 shares, increasing his stake from 21.99 percent to 22.02 percent.  

Yash Optics offers a broad range of vision correction solutions. The company manufactures,  trades, distributes, and supplies a variety of spectacle/optical lenses, including various coatings. In the trading segment, Yash Optics sources lenses and markets them under its own brands for resale through distributors and its retail channels.

Written By Adhvaitha Nayani

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post 3 Stocks jumps upto 7% after promoters increases their stake in the Co. appeared first on Trade Brains.